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A Consumer Reports investigation found that consumers who shop at rent-to-own retailers can end up paying two to three times the amount it would cost to buy an item outright from a traditional retailer—with some equivalent interest rates as high as 311 percent.
The rent-to-own industry has more than 4 million customers, and its approximately 8,600 stores in the U.S. and Canada generate about $7 billion annually in sales, according to its data.
Stores such as Aaron's and Rent-A-Center typically attract low-income customers who can rent goods right away—often without a credit check—for payments on a week-to-week or month-to-month basis. While customers can often walk away at any time without damaging their credit score, those who make all the payments and eventually own the item can end up paying far more than the original retail price, the investigation found.
For the full findings, check out the Consumer Reports Investigation.
—Evan MacDonald
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